What does ‘I stand corrected’ mean?

Did you know the expression ‘I stand corrected’ has been used incorrectly over a long period by a large number of speakers?

This is the fact:

‘I stand corrected’ is a formal expression used to admit that something you said or did was wrong. It doesn’t mean ‘I’ll accept being wrong if I am’ or ‘ I’ll accept your opinion if it’s better than mine’.